The Amazing 80/20 Principle has the power to grow your business up to 16 TIMES FASTER and make your life a whole lot less busy and complicated. Got your attention?
The 80/20 Principle asserts that a minority of causes, inputs or effort usually lead to a majority of the results, outputs or rewards. Taken literally, this means that 80 percent of what you achieve in your job comes from 20 percent of the time spent.
The well-known Toyota car company identified seven types of waste that had an impact on Productivity and Profit.
In any business that has been operating for a reasonable length of time, various inefficiencies and wasteful activities will have crept into the system.
Spending time on identifying and reducing waste is spending time on identifying areas for improving your Profit and therefore thoroughly worthwhile.